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Depletion Computations-Oil Federer Drilling Company has leased property on which oil has been discovered. Wells on this property produced 18,000 barrels of oil during the past year that sold at an average sales price of $65 per barrel. Total oil resources of this property are estimated to be 250,000 barrels. The lease provided for an outright payment of $600,000 to the lessor (owner) before drilling could be commenced and an annual rental of $31,500. A premium of 5% of the sales price of every barrel of oil removed is to be paid annually to the lessor. In addition, Federer (lessee) is to clean up all the waste and debris from drilling and to bear the costs of reconditioning the land for farming when the wells are abandoned. The estimated fair value, at the time of the lease, of this clean-up and reconditioning is $30,000.
From the provisions of the lease agreement, compute the cost per barrel for the past year, exclusive of operating costs, to Federer Drilling Company.
angeliques antiques had 475 worth of supplies on hand at the beginning of april. during aprilthe store paid 600 for
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during the year eugene had the four property transactions summarized below. eugene is a collector of antique glassware
the following balances were taken from the books of parnevik corp. on december 31 2012.interest revenue 88800
Determine the number of days in the discount period, determine the amount of the discount and determine the amount of the proceeds.
Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..
nbspnbspsales 153000nbspnbspvariable expenses48600nbspnbspcontribution margin104400nbspnbspfixed
The Kwok Company's inventory balance on December 31, 2013, was $165,000 (based on a 12/31/13 physical count) before considering the following transactions:
A U.S. manufacturer wants to conduct business through a foreign subsidiary organized in a low tax jurisdiction. How might it do so without being currently taxed on the subsidiary's foreign earnings?
1. What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what type of stock would you want to buy personally and why?
This problem belongs to Basic Accounting and it discusses about what happens when firms increase their rates of inventory turnover
montana timber company is in the process of of preparing its budget for next year. cost of goods sold has been
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